Expansion comes as Delta Air Lines cuts back on global flights due to fuel prices

About $1 billion of the expansion is funded by municipal bonds that would be repaid by passenger fees, and the remaining $400 million was picked up by the airlines. The changes are helping Atlanta keep up with other major international airports.

Beijing’s airport, the second-busiest on the planet, completed an expansion that included a third runway and a colossal glass-and-steel terminal in time for the 2008 Olympics. And Chicago’s O’Hare International Airport, the world’s third-busiest, is undergoing a $15 billion expansion that will add a new runway and other upgrades.

“If Atlanta and Delta are going to compete on the global stage, you need that new terminal,” airline analyst Michael Boyd said. Atlanta and its U.S. rivals are seeking to position themselves as way stations on long routes between cities on separate continents, according to Boyd.

“The future is going to be which of the airline connecting hubs become global portals that not just take people to and from Atlanta, but take people from Buenos Aires to Shanghai through Atlanta,” he said.